Hello my fellow traders, hodlers and cryptoknights.
Here is my little TA and insight into tezos and some thoughts on the broader crypto market.
Technicals
MACD is still bearish but has been close to flipping bullish for the past couple of days
Volume has been declining and 24 hour volume has been very low, but it is looking to be picking up.
MA's we are below all dailies but are just above the 50 weekly which held as support during the Pandemic crash (but had wicks below).
RSI showing bullish divergence on the 4 hourly
Analysis
Whether we hold here or go looking for support lower down I believe to be mostly down to what is going on in the traditional markets and whether BTC holds 11k or not.
XTZ is currently at a junction of S/R confluence, if we hold here and the bulls come out to play, we will be putting in a decent sized double bottom and macro higher low.
Failure to hold here and the levels to look at are :
2.15, 1.95, 1.80 and 1.50 (give or take some cents)
Points of potential interest
Crypto began to correct before traditional markets and as such led the bearish rally.
Over the last few days of bearish volatility throughout the markets, Gold and BTC were quite stable and ETH even climbed.
BTC is known to correlate heavily with S&P 500 and at other times other markets, but it also breaks away and does it's own thing when it feels like it,
the new kid on the block trends with the herd when it suits it but breaks away as and when it feels like it, so just because traditional markets are looking glum, does not mean BTC will for sure follow.
BTC held above the notorious 21 week MA which it did throughout the big bull run, it also held outside of the 3 year pennant that it broke out of in July.
Other than all of the awesome fundamentals already behind Tezos, China has adopted the Tezos blockchain to include in its blockchain infrastucture
and France has just selected Tezos to be used in its digital Euro experiment.
Exciting times ahead.
Final thoughts
BTC did not go down and close the CME gap at 9600 and as such will have caught a lot of bears trying to close it, on the wrong side of the trade.
Regardless of the above thoughts and facts, it is of course possible that bitcoins move up was just a short squeeze and a bull trap, this coming week will be quite telling.
There are whale sized sharks in the waters, they are a heartless bunch and care not for you or your dreams, hold on to your bags tightly.
Please do not feed the sharks.
I am not a financial advisor and any information I offer should be taken as just food for thought :)
If you liked or found anything of interest here please like, follow and share your thoughts below.
Stay safe, strong and prosperous.
Here is my little TA and insight into tezos and some thoughts on the broader crypto market.
Technicals
MACD is still bearish but has been close to flipping bullish for the past couple of days
Volume has been declining and 24 hour volume has been very low, but it is looking to be picking up.
MA's we are below all dailies but are just above the 50 weekly which held as support during the Pandemic crash (but had wicks below).
RSI showing bullish divergence on the 4 hourly
Analysis
Whether we hold here or go looking for support lower down I believe to be mostly down to what is going on in the traditional markets and whether BTC holds 11k or not.
XTZ is currently at a junction of S/R confluence, if we hold here and the bulls come out to play, we will be putting in a decent sized double bottom and macro higher low.
Failure to hold here and the levels to look at are :
2.15, 1.95, 1.80 and 1.50 (give or take some cents)
Points of potential interest
Crypto began to correct before traditional markets and as such led the bearish rally.
Over the last few days of bearish volatility throughout the markets, Gold and BTC were quite stable and ETH even climbed.
BTC is known to correlate heavily with S&P 500 and at other times other markets, but it also breaks away and does it's own thing when it feels like it,
the new kid on the block trends with the herd when it suits it but breaks away as and when it feels like it, so just because traditional markets are looking glum, does not mean BTC will for sure follow.
BTC held above the notorious 21 week MA which it did throughout the big bull run, it also held outside of the 3 year pennant that it broke out of in July.
Other than all of the awesome fundamentals already behind Tezos, China has adopted the Tezos blockchain to include in its blockchain infrastucture
and France has just selected Tezos to be used in its digital Euro experiment.
Exciting times ahead.
Final thoughts
BTC did not go down and close the CME gap at 9600 and as such will have caught a lot of bears trying to close it, on the wrong side of the trade.
Regardless of the above thoughts and facts, it is of course possible that bitcoins move up was just a short squeeze and a bull trap, this coming week will be quite telling.
There are whale sized sharks in the waters, they are a heartless bunch and care not for you or your dreams, hold on to your bags tightly.
Please do not feed the sharks.
I am not a financial advisor and any information I offer should be taken as just food for thought :)
If you liked or found anything of interest here please like, follow and share your thoughts below.
Stay safe, strong and prosperous.